IndusInd plans to float $1 bn India-specific fund

DUBAI: Hindujas-promoted IndusInd Bank has said it is looking to float a one bn dollar fund (about Rs 4,500 crore) for investments in India.

"We are going to partner with Indian firms that are known in the capital market space and are in the process of floating funds of their own. It is going to be the Hinduja brand name alongside local firms," promoter of the bank and Group Chairman S P Hinduja revealed here.

"One of the things we are planning to do in Dubai is to offer an offshore fund for investment into India," he said after the 15th Annual General Meeting of the IndusInd International Holdings Ltd (Mauritius).

The offshore fund would investment primarily in two specific sectors, real estate and infrastructure, for which investors in Dubai are very keen, he added.

On the expansion plan of the bank, he said after 14 years of the launch, it was time to diversify and look at other sectors such as capital markets, stock broking, wealth management and asset reconstruction.

Praising the non-resident Indian community for their support since its inception, he said that the bank is now reviving a lot of NRI initiatives.